David Lemons – Alapocas Investment Partners Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Alapocas Investment Partners portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Jul 30, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – None reported

Increases – None reported

Reductions – Adobe Inc. (ADBE), Mastercard Incorporated (MA), UnitedHealth Group Incorporated (UNH), American Tower Corporation (REI (AMT), Automatic Data Processing, Inc. (ADP), and 15 more

Complete Exits – NVR, Inc. (NVR), Progressive Corporation (The) (PGR)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Alapocas Investment Partners Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2024Sep 30, 2024	STLA Stellantis	Stellantis	Buy	+10,100+2.0%	$7.23M	514,723
Q3 2024Sep 30, 2024	TREX Trex Company, Inc.	Trex Company, Inc.	Buy	+925+0.8%	$7.97M	119,687
Q3 2024Sep 30, 2024	V Visa Inc.	Visa Inc.	Buy	+679+1.6%	$12.09M	43,964
Q3 2024Sep 30, 2024	AMT American Tower Corporation (REI	American Tower Corporation (REI	Buy	+280+0.8%	$8.24M	35,450
Q3 2024Sep 30, 2024	CPRT Copart, Inc.	Copart, Inc.	Buy	+160+0.1%	$10.48M	199,947
Q3 2024Sep 30, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+57+0.4%	$9.38M	16,037
Q3 2024Sep 30, 2024	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+53+0.1%	$14.34M	85,760
Q3 2024Sep 30, 2024	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+30+0.7%	$2.16M	4,382
Q3 2024Sep 30, 2024	DHR Danaher Corporation	Danaher Corporation	Sell	-12-0.0%	$7.32M	26,346
Q3 2024Sep 30, 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-23-0.3%	$2.02M	7,286
Q3 2024Sep 30, 2024	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-40-0.7%	$895.59K	5,400
Q3 2024Sep 30, 2024	RACE Ferrari	Ferrari	Sell	-124-0.6%	$9.99M	21,246
Q3 2024Sep 30, 2024	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-132-1.1%	$10.80M	12,185
Q3 2024Sep 30, 2024	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Sell	-216-0.2%	$10.44M	88,813
Q3 2024Sep 30, 2024	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-220-0.3%	$16.15M	86,699
Q3 2024Sep 30, 2024	ADBE Adobe Inc.	Adobe Inc.	Sell	-320-1.2%	$13.52M	26,108
Q3 2024Sep 30, 2024	MCO Moody's Corporation	Moody's Corporation	Sell	-530-2.3%	$10.49M	22,113
Q3 2024Sep 30, 2024	AAPL Apple Inc.	Apple Inc.	Sell	-996-1.4%	$16.45M	70,618
Q2 2024Jun 30, 2024	STLA Stellantis	Stellantis	Buy	+2,150+0.4%	$10.02M	504,623
Q2 2024Jun 30, 2024	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+671+4.4%	$8.14M	15,980
Q2 2024Jun 30, 2024	V Visa Inc.	Visa Inc.	Buy	+537+1.3%	$11.36M	43,285
Q2 2024Jun 30, 2024	DHR Danaher Corporation	Danaher Corporation	Buy	+376+1.4%	$6.59M	26,358
Q2 2024Jun 30, 2024	TJX TJX Companies, Inc. (The)	TJX Companies, Inc. (The)	Buy	+210+0.2%	$9.80M	89,029
Q2 2024Jun 30, 2024	ADBE Adobe Inc.	Adobe Inc.	Buy	+139+0.5%	$14.68M	26,428
Q2 2024Jun 30, 2024	AMT American Tower Corporation (REI	American Tower Corporation (REI	Sell	-12-0.0%	$6.84M	35,170
Q2 2024Jun 30, 2024	ADP Automatic Data Processing, Inc.	Automatic Data Processing, Inc.	Sell	-12-0.2%	$1.74M	7,309
Q2 2024Jun 30, 2024	MCO Moody's Corporation	Moody's Corporation	Sell	-95-0.4%	$9.53M	22,643
Q2 2024Jun 30, 2024	TREX Trex Company, Inc.	Trex Company, Inc.	Sell	-112-0.1%	$8.80M	118,762
Q2 2024Jun 30, 2024	RACE Ferrari	Ferrari	Sell	-230-1.1%	$8.73M	21,370
Q2 2024Jun 30, 2024	COST Costco Wholesale Corporation	Costco Wholesale Corporation	Sell	-544-4.2%	$10.47M	12,317

Page 3 of 10 • 275 total trades

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